We have revised our FY18/19/20E estimates given strong 2Q results. Maintain NEUTRAL with a TP of Rs 673, based on 25x Jun-19E EPS. Bharat Forges (BHFC) 2QFY18 topline performance was in-line with expectations, while margins came in higher, owing to operating efficiencies. While the North American and European truck demand may be on an upswing, management has guided for a stable, if not higher, industrial segment performance.